Brokerages expect that Cardiome Pharma Co. (NASDAQ:CRME) (TSE:COM) will report $7.34 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Cardiome Pharma’s earnings, with the lowest sales estimate coming in at $7.10 million and the highest estimate coming in at $7.59 million. Cardiome Pharma reported sales of $5.20 million during the same quarter last year, which would indicate a positive year over year growth rate of 41.2%. The business is expected to announce its next earnings report after the market closes on Tuesday, May 15th.
According to Zacks, analysts expect that Cardiome Pharma will report full-year sales of $31.31 million for the current year, with estimates ranging from $29.70 million to $33.72 million. For the next financial year, analysts anticipate that the firm will report sales of $41.07 million per share, with estimates ranging from $34.40 million to $44.51 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Cardiome Pharma.
Cardiome Pharma (NASDAQ:CRME) (TSE:COM) last announced its earnings results on Tuesday, March 13th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.05). Cardiome Pharma had a negative net margin of 124.17% and a negative return on equity of 123.36%. The firm had revenue of $7.00 million for the quarter, compared to analyst estimates of $7.94 million.
A number of equities analysts have recently weighed in on the stock. HC Wainwright set a $10.00 price target on shares of Cardiome Pharma and gave the stock a “buy” rating in a research note on Wednesday, April 4th. ValuEngine raised shares of Cardiome Pharma from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 2nd. Finally, Canaccord Genuity set a $5.00 price target on shares of Cardiome Pharma and gave the stock a “buy” rating in a research note on Wednesday, March 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $5.67.
NASDAQ CRME opened at $2.27 on Friday. Cardiome Pharma has a 1-year low of $1.29 and a 1-year high of $4.84. The company has a debt-to-equity ratio of 2.47, a quick ratio of 3.99 and a current ratio of 4.80. The firm has a market capitalization of $79.15 million, a PE ratio of -2.52 and a beta of 0.19.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC increased its stake in shares of Cardiome Pharma by 18.3% in the fourth quarter. Renaissance Technologies LLC now owns 486,613 shares of the biopharmaceutical company’s stock worth $754,000 after acquiring an additional 75,200 shares during the last quarter. Tamarack Advisers LP boosted its holdings in Cardiome Pharma by 7.1% in the fourth quarter. Tamarack Advisers LP now owns 1,875,000 shares of the biopharmaceutical company’s stock worth $2,906,000 after purchasing an additional 125,000 shares in the last quarter. Finally, Stonepine Capital Management LLC boosted its holdings in Cardiome Pharma by 11.5% in the fourth quarter. Stonepine Capital Management LLC now owns 3,195,692 shares of the biopharmaceutical company’s stock worth $4,953,000 after purchasing an additional 328,907 shares in the last quarter. 50.49% of the stock is currently owned by institutional investors and hedge funds.
About Cardiome Pharma
Cardiome Pharma Corp., a specialty pharmaceutical company, engages in the development and commercialization of therapies for the treatment of patients suffering from heart diseases. It offers BRINAVESS (vernakalant (IV)) for the conversion of recent onset atrial fibrillation to sinus rhythm in adults; and AGGRASTAT, a reversible GP IIb/IIIa inhibitor for use in acute coronary syndrome patients.
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